the president has been pushing for the move which would prevent a first ever government default. cbs reporter susan mcginnis tells us how the deal was reached. >> reporter: they had their dance and taken a moment to savor the scene. now it's time to get back to work. in his inaugural speech, the president called on both parties not to let politics get in the way of governing. >> we must act knowing our work will be imperfect, we must act knowing that today's victories will be only partial. >> reporter: republicans are offering a compromise on the debt ceiling, house g.o.p. members are backing off a requirement to cut $1 of spending for every dollar the debt ceiling is raised. it's a move the president has demanded. >> i do believe it is a recognition of political reality. we realize the president won the election. >> reporter: republicans on capitol hill are not voting to raise the debt ceiling without getting something in return. they say in order to approve a higher debt limit, they want senate democrats to do something they have not done in four years, pass a budget. >> for us